The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.4 trillion as of 2022. In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total. As of 2021, Texas grossed more than $300 billion a year in exports—more than the exports of California ($175 billion) and New York ($100 billion) combined. Texas is ranked as the 9th largest economy among nations of the world by GDP, ahead of Canada, South Korea, Russia, and Australia. In 2019, Texas had a median household income of $61,874. As of August 31, 2022 Texas had a total of $64.40 billion in state debt outstanding, including both general obligation and revenue debt. Texas has the second largest population in the country after California. History Historically four major business enterprises shaped the Texas economy prior to World War II: cattle and bison, cotton, timber, and oil. The first enterprise to enjoy major success in Texas was cattle and bison. In the early days of Anglo-American settlement furs and hides were the major products derived from cattle. Beef was not particularly popular in the United States. However soon Texas entrepreneurs pioneered the beef industry and demand steadily increased. The cattle industry enjoyed its greatest financial success in the later 1870s and 1880s. Cotton production, which had been known in Texas since Spanish times, gradually increased throughout the 19th century. By the early 20th century Texas had become the leading cotton producer in the nation. By the 1920s the cotton industry was past its peak as government regulation and foreign competition took their toll. The forests of Texas have been an important resource since its earliest days and have played an important role in the state's history. The vast woodlands of the region, home to many varieties of wildlife when Europeans first arrived, provided major economic opportunities for early settlers. They today continue to play an important role economically and environmentally in the state. The densest forest lands lie in the eastern part of the state. In particular the Big Thicket region, just north of Houston and Beaumont, has historically been home to the most dense woodlands. The Big Thicket was mostly uninhabited until heavy settlement from the U.S. began in the mid-19th century, and was even used as a refuge by